tv AM Wake Up Call CNN July 18, 2011 2:00am-3:00am PDT
we're still suck in debt debate limbo and the clock is ticking down to august 2nd, the date the government could start defaulting on its bills. >> we need to realize setting all politics aside that our country is on course for a financial disaster. we can't take another $10 trillion in debt that the president has proposed. >> we think that the president said clearly we should do as much as we can to reduce the deficit. but we have to avoid default. >> instead of focusing on the end of days rhetoric let's talk about possible solutions. plans "a" through "d." here's the fall-back plan in case congress and the white house can't make a deal. it would shift how the
government goes about raising debt ceilings. senate leaders from both parties are hammering that out. the kick the can deal, a short-term deal that would raise the debt ceiling for a few weeks or months. the president has said he doesn't like that idea. coming up next the just get to 2012 deal, a compromise that would give the government spending power to get through the president elections. fourth, the grand compromise, the one the president is pushing for, the long-term deal that could take a big bite out of the deficit. two big head lines, the casualties keep coming and the scope keeps widening. rebekah brooks arrested. the woman once headed up his british papers, she's out on bail. headline two, the head of scotland yard resigns. sir paul stevenson is quitting over criticism how he handled the saga. >> as commissioner i carry ultimate responsibility for the position we find ourselves in.
with hindsight i wish we had sunlged matters involve this affair differently. i didn't and that's that. brace for an explosive few days ahead. ra beck that brooks, rupert murdock and his son are scheduled to be questioned by british lawmakers tuesday. 15 seconds of news from canada. classic rockers chief trick got a scare as their stage collapsed at the ottawa blues fest. the stage blew over in severe weather. that's where we snagged these pictures. check out the stage before. and after. it's barely recognizable. good news, no serious injuries. you hear the words grope and airport and junk-touching security checkpoint horror stories pop to mind. there's a twist. phoenix police arrested a would-be passenger, a 61-year-old woman shown here for allegedly squeezing and twisting a tsa officer's breasts. they say she rushed through the screening on thursday and started arguing with officials and that led to the alleged
grope. >> surprise you that somebody did that to the tsa? >> i don't know. i mean, nothing really surprises me, i guess. >> i'm surprised it hasn't happened sooner. >> the woman spent a night in jail. she is facing felony sex abuse charges. casey anthony as free woman, whereabouts unknown. he was released from an orlando jail early sunday morning. here's a snapshot of the life she walked out to. about two weeks after she was acquitted of killing her daughter caylee. she's broke, she's facing several pending lawsuits, she's not communicating with her family. and her lawyers say she's been getting death threats. the big question, where does she go from here? your guess is as good as mine. a heart-stopping, nail-biting finale to the women's world cup final but the american women couldn't clinch it. japan took the title in penalty kicks. the u.s. was favored to win but japan, the sentimental favorite, rallying their country after
january's devastating earthquake and tsunami. here is u.s. forward abby wambach. >> evidently it wasn't meant to be. we worked so hard. we believed in each other through everything. >> no matter where, who you were rooting for, this was a nail-biter to the end. it kept the first family on the edge of their seats. president obama, the first lady, sasha and malia with laser focus on the game. take a look at how the world's money is doing. the nikkei closes up, hang seng and ftse are down. let's go to kristie lu stout live from hong kong. how are investors reacting to markets this morning? >> hey, there. let's start down under. australia's main index is flat. shares of news corp fell nearly 4%, a two-year low. the reason we all know why, the phone-hacking scandal. in hong kong the market closed down .03%.
the 8% slide in chipmaker smic. tokyo was closed for public holiday. in europe stock marketed all in the red given those ongoing debt fears in u.s. and europe. one bright spot, gold is going the other way, hitting a record high. >> continued concerns about debt in europe and u.s. having this effect on gold. this is another big week for wall street, independent of these debt ceiling concerns. >> that's right. america ace biggest, most influential companies are handing in their report cards this week. investors expect this will be a crucial moment for the market given the concerns about the u.s. economy. but we should keep in mind historically speaking, second quarter earnings are usually the weakest of the year. today, got to look out for big names. halliburton. ibm. hasbro. which makes toys related to big summer movies like transformers and thor. have you seen nerf thor hammers?
>> by the way, let's talk about moneymakers at the box office. this doesn't end. harry potter, we knew it was going to do well, it did particularly well. the finale, they say, scoring the best opening weekend ever. a record $168.6 million here in the u.s. $476 million worldwide. "transformers dlrks dark of the moon" fell 55% from its debut but came in second with $21.3 million. that comedy called "horrible bosses" was third. with $17.6 million. have you seen any of these? >> no, i haven't seen any of them and i hate to say the one movie i'd be most likely to see is "horrible bosses." i was checking out the 360 blog and it says as movie franchises go harry potter has banked more than star wars, pirates of the caribbean and the james bond franchise. >> which is why i don't believe
any of these things are done when they say they're done. if you make that much money, why be done? let me know if you ever get to any of these movies. kristie lu stout in hong kong. rob marciano, any flight delays? >> not yet but we're looking at new york city to be the main threat. i want to start with tropical storm bret. just to the east of florida. just north of the bahamas. winds of 50 miles an hour at this hour. and where's the forecast track? it's that close to the u.s. right now we think it's going to go out to sea. that's the good news. bad news is the southeast could use the rainfall. including much of florida. so we'll take a weak tropical storm for the rain. but this one looks like it's going to go out to sea. expected delays in new york city and chicago with thunderstorms expected there. afternoon boomers in detroit and cleveland as well. the other big story continues to be the heat. as far north as minneapolis.
temperatures will easily get into the 90s and it will feel well over 100 as a searing heat wave continues for folks who are used to enduring more in the way of drastically cold temperatures. but if you're trying to stay cool, check out what they're doing in japan. there's a new product on the market. they're very energy-conscious. they try to save money. they don't want to strain the grid. they have this foam they spray on their skin and it cools them down. on top of that, i'm not sure how it works. at first i thought it was alcohol that would help evaporate things. it turns into a bit of a fashion statement. you can wear it as a bracelet, put it around your neck, cool yourself off that way. wear it all day long. >> it keeps you cool? >> yeah, it keeps you cool. >> i must try some of that. >> put that around your head like a crown before you get on the subway. >> i'll try it out. check in with you in a little bit. all those fees you get
knowledge which aed when you fly, there's a push to get airlines to better explain what they're charging and how much they're collecting. >> >> our quote of the day. i think that the republican party would be well-advised to get the heck out of people's bedrooms and let these things get decided by states." which newsmaker do you think said that over the weekend weekend about same-sex marriage? the answer after this quick break. [ female announcer ] now you can apply sunblock to your kids' wet skin. new neutrogena® wet skin kids. ordinary sunblock drips and whitens. neutrogena® wet skin cuts through water. forms a broad spectrum barrier for full strength sun protection. wet skin. neutrogena®. [ mrs. davis ] i want to find a way to break through. to make science as exciting as a video game. i need to reach peter, who's falling behind. and push janet who's 6 chapters ahead. ♪ [ male announcer ] with interactive learning solutions from dell, mrs. davis can make education a little more personal.
it is 12 minutes after the hour. before the break i asked you which newsmaker you thought made this quote about the same-sex marriage. it's from former new york mayor rudy giuliani sitting down with candy crowley on "state of the union." listen to it in his words. >> i think that marriage should be between a man and a woman but i think the republican party would be well-advised to get the heck out of people's bedrooms and let these things get decided by states. we're just learning of a
home invasion at the home of an iowa congressman. representative leonard boswell's office says an armed man attacked boswell's daughter in the home and demanded money. the 77-year-old congressman heard his daughter screaming and tried to disarm the man. it was his grandson who ran the man off with a gun. so far, no arrests have been made. time for your political ticker with tim farley, host of "morning briefing" on sirius fm. potus live from washington. i don't know, president obama said friday he told the parties to figure out some solution. bottom line is, we are still apparently no closer to a debt ceiling increase deal. >> yeah, two weeks and a day. i think your beginning of the show you opened with those options. i think you forgot one of the possibilities is maybe harry potter brings in a wand and gets all the muggles to behave for once. >> that could be it. >> i think it probably got something in there that's going to happen. it looks like there's going to be some sort of a plan that will
get us through 2012 election, whether you want to use the expression kick the can down the road or something else. there's i think a realization on both the republican and democratic side that you can't afford to let the debt ceiling stay the way it is. it has to be raised. it's just a matter of how to get there. probably closer to the mcconnell plan. we never know for sure. that's why they play the games. we'll see how it works out this week. >> all right. in the meantime, president obama is expected to nominate someone named richard cordray to head the consumer financial protection bureau. most would have guessed elizabeth warren but she was facing opposition. is cordray likely to get through and what does he stand for? >> he has a better chance. just imagine you build and house and you're not able to live in it. today is the first anniversary of the sign if anything the law of the dodd/frank act which was supposed to keep us from having too big to fail anymore. the question is whether that will take place. meanwhile this consumer financial protection bureau
you're talking about will at least get control of things like credit card rates and so on. and that is probably going to be a battle getting richard cordray confirmed by the senate. but he has a better chance than lit beth warren. it is something we'll see probably shaping arguments over the next couple of weeks, couple of months. >> tim, good to see you, have a great show and a great week, we'll talk all week. host of "morning briefing" on sirius fm potus radio. the government wants airlines to be more transparent about fees. right now airlines must only disclose baggage fees and reservation change fees. they've collected nearly $6 billion from those fees last year. under proposed new rules they'll be required to be more detailed about 16 other fees they collect from you. if it's not airline fees maybe you're keep an eye on prices at the gas pump. aaa reports the national average for a gallon of regular unleaded rose to $3.68 over the weekend.
that is the 12th consecutive increase. however, a year ago, the same gallon of gas would have cost you $2.73. we're paying almost $1 more. space shuttle "atlantis" astronauts awoke to "days gone by" by keith urban. the four member crew's last full day at the international space station before they begin their journey home. before they close the hatch around 9:00 eastern this morning they've got to finish picking up trash and old equipment. "atlantis" will undock tomorrow and returns thursday to earth. nasa will retire all three space shuttles for good. you remember the marines who used youtube to get justin timberlake andmy la kunis to go to the marine ball? another marine is trying to get betty white to attend the ball as well. grab some fish eggs on your way home from work today. it is national caviar day. at 5:00 a.m. this is the best i could do in new york. it is 17 minutes after the hour.
19 minutes after the hour. here are three minutes you need to have on your raud daughter today. with augusted 2 approaching president obama and xwregs along leaders still trying to work out a possible deficit reduction deal, a debt ceiling increase deal. around 9:00 eastern this morning the shulgs "atlantis" crew will bid farewell to the space
station crew before closing the hatch and preparing to return home. i'm going to talk to those folks wednesday morning. 1:00 p.m. eastern president obama will nominate richard cordray to nominate the consumer protection bureau scheduled to formally open for business thursday. the bureau is intended to make basic financial practices such as taking out a mortgage or loan clearer and more transparent. general david petraeus hands over command of afghanistan. the outgoing top commander of nato forces transferred authority to marine lieutenant john allen. petraeus plans to retire from the army before taking over as cia director on september the 6th. former south african president nelson mandela celebrating his 93rd birthday with his family by his side as birthday wishes pour in from around the world. here are a few of them. >> happy birthday. >> happy birthday. ♪ happy birthday to you
♪ happy birthday >> the united nations and nelson mandela have one request, asking each person to devote 67 minutes to helping others, one minute for every year of mandela's own service to humanity. 67 minutes. that's a challenge we can all rise to. this typhoon is headed for japan. that's got workers scrambling to protect a reactor at yeah been's crippled nuclear plant. even though the typhoon is expected to strike well south of the plant, authorities say they are not taking chances. typhoon ma-on is expected to make landfall tuesday. even by it's land's starts it's hot. temperatures got up to 70 over the weekend. a reporter sent us this video of people flocking to beaches in the balmy 70-degree weather. he says the natives are sweltering under unusually high temperatures. it's normally in the 50s and 60s during summer in iceland.
you've probably all heard about these marine corps balls. they are pretty extravagant affairs, always a hot ticket. this year they're getting a healthy dose of hollywood. marines keep asking celebrities. celebrities keep accepting invitations. mila kunis and justin timberlake both snagged dates. now a third celebrity is being courted online. listen to this. >> i would like to take betty white. she's just funny, she's sweet, she's mature. she's the all-around perfect woman. >> that by the way is sergeant ray lewis. he's asking america's senior citizen sweetheart betty white to join him at the ball. our businessman special today is the fork. find out how the size of your fork can actually make you fat.
26 minutes after the hour. good morning, it's monday, july 18th. it's your "wake-up call." america could start defaulting on its bills in the just over two weeks. still, d.c.'s all talk, not a lot of action when it comes to reaching a debt crisis deal. there was private weekend wrangling between the white house and congressional leaders. no progress to report yet. republican senator jon kyl says the gop needs details from the president before shaking hands. >> i'm a little frustrated. you heard it in the press conference of the president. you heard it today from the administration spokesman. they're never willing to be
specific about the reductions in spending that they would be willing to do. >> the debt ceiling, possible default, and washington rhetoric are a little too wongy to get excited about, no one knows exactly what will happen if we don't raise the debt ceiling. we talked to alan blinder, former vice chairman of the federal reserve. he says government payments could be slower to come out if they come out at all. interest rates could rise. some of the experts we talked to said the u.s. could, could, get pushed back into a recession. looks like microsoft may be getting into the social networking game. a reporter happened upon the welcome page for tulalip. it was taken down. now it says it was an internal design page mistakenly published to the web. not everything is friendly in the social media world. app developer michael johnson was looking for a way to invite facebook friends and others to join google plus.
he placed an ad. facebook wasn't amused. it erased the ads and disabled his account. lose a bag, get a check. new york senator charles schumer says it should be that simple. a new regulation says airlines have to refund your bag fee if they lose your bag. here's the rub. if it's never returned. schumer wants to change that so you'll get a refund if your bag doesn't arrive when you do. a volcano is causing people to take flight in indonesia. 5,000 people left their homes yesterday after a volcano erupted. it sent smoke to high authorities were concerned about flight disruptions at nearby airports. the volcano has erupted several times since thursday. volkswagen off to a good start for the first half of the year. europe's largest automaker reports it sold a record 4 million cars in the last six months under all its brands. its new 2012 beetle hits showrooms this fall being manufactured in mexico. live from london, good
morning, this news corp scandal continues to unfold. a high-profile resignation this weekend, a high-profile arrest, what's the latest? >> yeah, absolutely. it's also followed the prime minister of britain, of the uk, all the way to south africa where he is on a trip to try to drum the more business. the head of britain's largest police force has resigned. that's sir paul stevenson. commissioner of the metropolitan police stepped down as questions surrounding his relationship with editors of the "news of the world" newspaper. while stevenson maintains he had no knowledge of the extent of the activities paper he said he was resigning because "as commissioner i carry ultimate responsibility for the position we find ourselves in." his resignation comes as news international's former chief executive rebekah brooks was arrested sunday and underwent 12 hours of questioning by police. that came as a surprise she was arrested. she thought she was just going to be helping in their investigation. brooks is set to appear before a
parliamentary inquiry tuesday alongside james murdock and rupert murdock. there are questions if she'll be able to testify. >> those bombings last week in india. hillary clinton had a trip planned there. she's still going ahead with that trip? >> yeah, we understand this is a key trip for secretary clinton. it comes less than a week after a series of explosions in mumbai that left 19 dead and about 100 injured. she says it's more important than ever that we stand with india. no one has claimed responsibility for those blasts. and counterterrorism measures are set to be high on clinton's agency during the three-day trip. she's likely going to press for better ties between india and pakistan, right next door. that relationship has been shaky for some time. clinton will also focus on economic ties. as you know, india has a $1.6 trillion economy. it's quite vital for india and the u.s. to have good economic relationships. >> big economy and a growing
economy. thanks very much, check in with you later. carter evans live here in new york. he's at the nasdaq market site. good to see you, how are futures shaping up? we look to big news from wall street. wall street's got to deal with earnings and debt ceiling stuff this week. >> overall, heading into this week, considering all of that our futures right now are a little bit lower. many of the biggest and wealthiest companies in this country are preparing to release quarterly numbers. we'll hear from general electric, goldman sachs, intel, ibm, a handful of the companies investor ises are keep an eye on. we'll get an idea how some of the biggest companies in the country are doing in the third quarter. today we're going to hear from charles schwab, halliburton, and hasbro before the basically. after the bell, stanley, black and decker, and workmanship inn. earnings are really important. if it weren't for all the other things going on in the world
economy i think there would be more focus on these numbers. we've still got this debt ceiling deadline and a lot of focus is going to be on that. >> for the average investor it's tough to figure out what you're it putting your money on. is it the earnings, what's going on in europe, growth around the world, debt ceiling problem here in the united states? in the meantime, for wealthy americans and high earners, a warning. talk about this. >> well, you know, this is really interesting. and we're hearing also that people are saving a little more as a result of the recession. but when it comes to people retiring now, there's a new harris interactive survey. it finds that most people now, 55 and over, are waiting until they're 69 to retire. the average age before the recession was 64. you see people are worried. they don't think they're going to have money to live on. 44% say they feel secure about their financial situation, scared with 62% who felt secure before the recession began. two-thirds say they'd like to continue to do some work,
whether it's just for the stimulation or for the money. 30% say they're really just down right angry about the whole situation that they're going to have to work for many more years than they thought. >> very good. good to see you this morning. carter evans at the nasdaq mart site for us. back to the businessman's special of the day. in the quest to find something else to blame for our fat, today the excuse is the size of your fork. "fast company" magazine published a study from "the journal of consumer research" in which researchers weighed plates of food after they were eaten by people with large forks and small forks. the big-fork people ate less, believe it or not. the moral of the story is next time you go out to eat, ask for a big fork. wow. your get smart question of the day in honor of the women's world cup. can you guess how much the women's world cup weighs? [ male announcer ] this...is the network --
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we asked if you could guess how much the women's world cup trophy weighs. 3.9, 10.1 or 17 pounds? the answer is 3.9 pounds. the men's trophy weighs more than three times that. time for our political ticker. let's bring in paul steinhouser on the phone from washington this morning. good morning, paul. michele bachmann is changing her mind on a pledge. what's this about? >> it's a big deal for her. bachmann, she's one of those matured republicans running for president. she refused to sign a pledge. she changed her mind. she's going to sign in south carolina. why? two things. south carolina the first southern primarily, crucial state. it's the home state for senator
jim demint. he was the man behind this. it's called cut cap. you've heard about it. cut a substantial amount of spinning to bring down roughly $1.5 trillion from the deficit. cap federal spending at 18% of the gdp. right now it's at 24%. and pass a balanced budget amendment to the constitution that would include spending caps to make it really difficult to raise federal taxes. she's adding her name today. >> all right, let's talk about rick perry. governor of texas. a lot of people calling for him to get into this race. now some hints that he might actually be thinking about it? >> oh, yeah, yeah. he's been thinking about it for a while. here's another hint. in an interview with "the des moines register," the big newspaper in iowa. here's what he told them. "i'm not ready to tell you that i'm ready to announce that i'm in but i'm getting more and more comfortable every day that this is what i've been called to do, this is what america needs."
that's pretty strong signals from rick perry, the texas govern governor, this he's probably going to be jump nog the race for the white house. >> a lot of people calling for smrven else to be in there. he'd certainly be a very big name. he took over as governor after george bush left as governor to become president. paul, always a pleasure to talk to you, my friend. here are three things that you have to put on your radar for today. for this week. tomorrow, news corporation owner rupert murdock and his son james are scheduled to appear before british politicians to answer questions over the widening phone-hacking scandal. thursday the shuttle "atlantis" crew is due to land. we'll bring it to you live but i'm going to talk to them live on wednesday morning. also thursday, it will be the first official day the new consumer financial protection bureau goes into business. the bureau is intended to make basic financial practices like taking out a mortgage or a loan clearer and more transparent while ferreting out unfair lending practices. let's take a look at sports.
for hours and hours last night the boston red sox were tied with the tampa bay rays. the score 0-0. it took 16 innings. the red sox finally scored. for a 1-0 victory. the texas rangers won their 11th straight game against the seattle mariners. they won 3-1, the longest winning streak in history. 26 wins. that is not the longest winning streak in history. 26 wins for the san francisco giants was back in 1916. ever sin a golfer do this? twisting with a cigar in his mouth at the british open. miguel angel jiminez is a pro golfer from spain who placed number 20 at the open. u.s. women's soccer team world cup quest sadly over. the americans watched the title slip away to japan on penalty kicks. and overtime ended in a 2-2 tie. japan was the underdog in this match. now they're the first asian team to ever win the tournament. let's go to germany. zane, what a game. a nail-biter to the end.
>> i was biting my nails so hard, i don't think i have any left. the atmosphere in the stadium was absolutely electric. the u.s. started off really aggressive. they were looking good. they took so many shots at goal. but they kept missing the opportunities. finally in the 68th minute, they managed to score. alex morgan, the youngest on the team, got it right then. just a few minutes later the japanese equalized because there was a misup in the u.s. defense line. then in extra time abby wambach, a beautiful header got it in the goal. it looked like the game was theirs. they were only a few minutes away from victory. in the very last few minutes the japanese pulled it out. they equalized. and the u.s. lost on penalties. it was an amazing game to be there. good for the japanese. but we all feel bad for the u.s. i mean, they really put up a great fight. >> you make a good point.
while america was rooting for america, the whole world's got to be rooting for japan after the year they've had. >> yeah, japan was the sentimental favorite going into this. everything they've been through with the earthquake and the tsunami. the coach was showing them pictures of the def saying in the locker room to get them motivated. many of them lost their friends, family, many know people that are suffering because of the tsunami. even one of the players worked at the fukushima daiichi nuclear plant. the japanese people here are saying, may not have had the height but they had the heart. >> i'm hearing about an "s" on your shirt, though ye see a shirt, must be cold in germany. do you have an "s" on your shirt? if so, why? >> you know, i was really torn. i wanted the japanese to win. but you're going to force me to flash you on television. so yeah.
i was rooting for team usa. >> i see there was more than an "s." i thought it was a superman shirt or something like that. i could see the outline of it. very nice. this is what we love about you, you can have fun even if the team you're rooting for didn't win. what a great job for all the teams in there and the fantastic u.s. team. catch up with you later, good to see you. this day in history, july 18th in the year 64 a.d., the great fire of rome started. nearly the entire city was destroyed, you may recall. ♪
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it is monday, july the 18th. i'm ali velshi joining you live from new york. general david petraeus hands over command of afghanistan. the outgoing top commander of nato forces transferred authority to marine lieutenant general john allen. petraeus plans to retire from the army at the end of august before taking over as cia director on september the 6th, the day after labor day. it is monday morning. we're still stuck in debt debate limbo. no breakthroughs over the weekend and the clock continues to tick down to august 2nd, the day the government could start defaulting on its bills. we need to realize, setting all politics aside, our country is on course for a financial
disaster. we can't take another $10 trillion in debt that the president has proposed. >> we think that the president has said clearly we should do as much as we can to reduce the deficit. we have to avoid the kind of cast that would result from default. >> instead of focusing on end of days rhetoric let's talk about possible solutions. plans "a" through "d" in no particular order. there's the fall-back plan, built in case congress and the white house can't make the deal. senate leaders are hammering that out right now. the kick the can, a short-term deal that would raise the debt ceiling for weeks or months. next up, the just get to 2012 deal. a compromise that would give the government enough spending power to get through elections. the grand comp muse, the big kahuna, a long-term deal that could take a big bite out of the deficit. some say it's just not likely to happen. we've learned a judge in italy has rejected all the
defense motions in the trial of prime minister berlusconi. he's set another hearing for october 3rd. he's charged with abusing office and paying for sex with an underage prostitute. he was set to meet her in court for the first time since the trial began. here's your 15 seconds of news from canada. classic rockers cheap trick got a scare when their stage collapsed. the ottawa blues fest was the venue. the stage blew over in severe weather according to the band's website. that's where we snagged these pictures. you can see the before, which is the lower part of your screen, and then the after on the top part. it's barely recognizable. the good news, no serious injuries. you hear the words grope and airport security, and junk-touching security checkpoint horror stories pop to mind. there's a twist. phoenix police arrested a would-be passenger, a 61-year-old woman for allegedly squeezing and twisting a tsa officer's breasts. they say she refussed to gow go through screening thursday, started arguing with officials,
and that's what led to the alleged grope. >> surprise you that somebody did that to the tsa? >> i don't know. i mean, nog really surprises me, i guess. >> i'm surprised it hasn't happened sooner. >> the woman spent a night in jail. she's facing felony sex abuse charges. casey anthony is a free woman, whereabouts unnope. she was released from jail early sunday morning. here's a snapshot of the life she walked out to. she's broke, facing several pending lawsuits, not communicating with her family and her lawyers say she's been getting death threats. the question, where does she go from here? fewer college students are signing up for credit cards. last year college credit cards issued by colleges and alumni associations dropped 17% according to a survey released by the federal reserve. consumer advocates say that's thanks to a 2009 law that limits marketing cards to college kids. time to a round the world.
50-mile-an-hour winds right now. it's kind of been drifting down to the south. now it's moving east at 3 miles an hour. there you see the forecast track for the hurricane center. we think it will go out to sea and stay below hurricane status. bad news is that florida desperately needs the rain. that's a bit of an issue for them as they can stand to see moisture. thunderstorms in the new york city area this afternoon. we'll call for some delays in chicago, detroit, cleveland. the rest of the central part of the u.s. will continue to bake. there's the front trying to push out. having a hard time doing it.
hazy, humid and hot conditions persist. there are 11 states that have excessive heat warnings out. that's dangerous levels of heat from minneapolis back through, say, st. louis. one way to cool off, check out this report from an i-reporter out of california. there was a boat show out there. and this is what's called the jet-lev, a levitation device, a jet pack that uses water,ali, as its propulsion system. costs about $100,000. i know you'll be out there shortly. it's kind of georgette son meets jacques cousteau. >> $100,000? >> small potatoes for you, come on, reach into the pocket. >> i was into this, waiting for you to tell me how much it costs. $100,000? i think i'll wait for everybody else to get one. >> i'm sure you'll get at least one. >> that's very cool, though. rob, good to see you, catch up with you in ten minutes. >> sounds good. before we go, today's word of the day. you have to know, schadenfreude.
now back to our word of the day. schadenfreude. according to miriam webster it means, enjoyment obtained from the troubles of others. this is from the "wall street journal." "the schadenfreude is so thick you can't cut it with a chainsaw." the "wall street journal" is one of rupert murdock's publications. they used the word in an article fighting back against claims "the news of the world" scandal tarnished the journalists of oertsd rupert murdock publications including the "wall
street journal." here are three things to put on your radar today. with an august 2nd deadline quickly approaching president obama and congressional leaders are still trying to work out a possible deficit reduction deal. around 9:00 eastern this morning the shuttle "atlantis" crew will bid farewell to the space station crew before closing the hatch and preparing to return home. around 1:00 p.m. eastern president obama will nominate richard cordray to head the new consumer financial protection bureau, scheduled to formally open for business on thursday. the bureau is intended to make basic financial practices such as taking out a mortgage or a loan clearer and more transparent. now to see how the world's money is doing this morning. the nikkei closes up. hang seng closes down. the ftse down at this hour. let's go to kristie lu stout from hong kong. give us the latest on markets this morning. >> the markets close moderately lower across asia pacific. in europe markets are down on this first trading day. phillips electronics, there's news the group plans to cut an
additional $700 million in costs after reporting its biggest loss in nearly 10 years. i'm keeping an eye on trail's main index. it was flat today but shares of news corp fell nearly 4%. >> that continues around the world. in the u.s., despite the issues that investors are worried about with respect to european debt and the u.s. debt crisis, a big week because of earnings. >> that's right. and here's a checklist. some of america's most influential companies are out with q2 earnings this week. today you want to keep an eye out for hull burton, ibm, and who is proceed. and this is a crucial time for the markets. given the concerns about the economy. but perspective check. keep in mind q2 earnings are usually the weakest of the year. >> good to see you as always. we'll catch up with you in hong kong. kristie lu stout in hong kong. moneymakers at the box office. we knew harry potter was going to do well. the finale scong